Investor Toolkit

Press Release

Company exceeds full year 2017 guidance, posts revenues of $331.4
million, net income of $123.4 million and Adjusted EBITDA of $94.1
million; full year 2017 worldwide revenues increase 9.8%; DEFINITY®
worldwide revenues increase 19.5% over prior year

Provides 2018 financial guidance, including revenues of $337 to $342
million and Adjusted EBITDA of $85 to $90 million

NORTH BILLERICA, Mass.--(BUSINESS WIRE)--Feb. 26, 2018--
Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company
of Lantheus Medical Imaging, Inc. (“LMI”), a global leader in the
development, manufacture and commercialization of innovative diagnostic
imaging agents and products, today reported financial results for its
fourth quarter and full year ended December 31, 2017.

The Company’s worldwide revenues for the fourth quarter of 2017 totaled
$81.2 million. This represents an increase of 9.3% compared to
$74.4 million for the fourth quarter of 2016. For the full year 2017,
worldwide revenues totaled $331.4 million, compared to $301.9 million in
2016. Excluding the impact of a $5.0 million up-front payment received
in the second quarter of 2017 from GE Healthcare under the flurpiridaz F
18 collaboration and license agreement, full year 2017 revenue totaled
$326.4 million, exceeding 2017 guidance of $323 million to $325 million.
Full year revenue results were driven by 19.5% growth in worldwide sales
of DEFINITY®, 5.5% growth in worldwide sales of TechneLite®
and 7.9% growth in worldwide sales of Xenon.

Net income for the fourth quarter of 2017 totaled $97.1 million, or
$2.47 per diluted share, compared to $4.9 million, or $0.13 per diluted
share, for the fourth quarter of 2016. Full year 2017 net income totaled
$123.4 million, compared to $26.8 million in 2016. The full year
improvement is primarily attributable to the release of our valuation
allowance against deferred tax assets, as well as DEFINITY and Xenon
revenue growth and lower interest expense following the refinancing and
subsequent repricing of our debt facility during 2017. This was
partially offset by increased operating expenses for sales and marketing
as well as costs related to strategic initiatives.

The Company’s fourth quarter 2017 Adjusted EBITDA (as outlined in the
GAAP to non-GAAP reconciliation provided below) was $20.8 million, or
25.7% of revenues, compared to $19.8 million, or 26.7% of revenues, for
the fourth quarter of 2016. Full year 2017 Adjusted EBITDA was $94.1
million, or 28.4% of revenues, compared to $78.3 million, or 25.9% of
revenues, for 2016. Excluding the impact of a $5.0 million up-front
payment received in the second quarter of 2017 from GE Healthcare under
the flurpiridaz F 18 collaboration and license agreement, full year
Adjusted EBITDA totaled $89.1 million, or 27.3% of revenues, exceeding
2017 guidance of $86 million to $88 million. Higher Adjusted EBITDA for
full year 2017 was driven by DEFINITY and Xenon revenue growth,
partially offset by sales and marketing expenses attributable to sales
growth in DEFINITY as well as costs related to strategic initiatives.

“We are pleased to announce such a successful finish to 2017, a
milestone year for the Company on many fronts,” commented Mary Anne
Heino, President and CEO. “Our performance and improved balance sheet
have positioned us well to make the requisite investments in our own
internal initiatives as well as potential external opportunities to
augment our strong core business and future growth.”

Outlook

The Company anticipates worldwide revenues for full year 2018 of
approximately $337 million to $342 million, compared to $326.4 million
in 2017 (which excludes the $5 million up-front payment received from GE
Healthcare). For the first quarter of 2018, the Company expects
worldwide revenues in the range of $78 million to $83 million.

The Company anticipates full year 2018 Adjusted EBITDA, as described in
the GAAP to non-GAAP reconciliation provided later in this release, of
$85 million to $90 million, representing 24.9% to 26.7% of anticipated
worldwide revenues. For the first quarter of 2018, the Company expects
Adjusted EBITDA in the range of $18 million to $21 million.

The Company’s guidance for worldwide revenues and Adjusted EBITDA are
forward-looking statements. They are subject to various risks and
uncertainties that could cause the Company’s actual results to differ
materially from guidance. Forward-looking statements are not predictions
of the Company’s actual performance. See the cautionary information
about forward-looking statements in the “Safe-Harbor Statement” section
of this press release.

Internet Posting of Information

The Company routinely posts information that may be important to
investors in the “Investors” section of its website at www.lantheus.com.
The Company encourages investors and potential investors to consult its
website regularly for important information about the Company.

Conference Call and Webcast

As previously announced, the Company will host a conference call
starting at 4:30 p.m. Eastern Time today. To access the live conference
call via telephone, please dial 1-866-498-8390 (U.S. callers) or
1-678-509-7599 (international callers) and provide passcode 9165309. A
live audio webcast of the call also will be available in the Investors
section of the Company’s website at www.lantheus.com.

A replay of the audio webcast will be available in the Investors section
of our website at www.lantheus.com
approximately two hours after completion of the call and will be
archived for 30 days.

The conference call will include a discussion of non-GAAP financial
measures. Reference is made to the most directly comparable GAAP
financial measures, the reconciliation of the differences between the
two financial measures, and the other information included in this press
release, our Form 8-K filed with the SEC today, or otherwise available
in the Investor Relations section of our website located at www.lantheus.com.

The conference call may include forward-looking statements. See the
cautionary information about forward-looking statements in the
safe-harbor section of this press release.

About Lantheus Holdings, Inc. and Lantheus Medical Imaging, Inc.

Lantheus Holdings, Inc. is the parent company of LMI, a global leader in
the development, manufacture and commercialization of innovative
diagnostic imaging agents and products. LMI provides a broad portfolio
of products, including the echocardiography contrast agent DEFINITY®
Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite®
(Technetium Tc99m Generator), a technetium-based generator that provides
the essential medical isotope used in nuclear medicine procedures; and
Xenon (Xenon Xe 133 Gas), an inhaled radiopharmaceutical imaging agent
used to evaluate pulmonary function and for imaging the lungs. The
Company is headquartered in North Billerica, Massachusetts with offices
in Puerto Rico and Canada. For more information, visit www.lantheus.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as revenues excluding
the impact of foreign currency; adjusted operating income; adjusted net
income and its line components; Adjusted EBITDA; adjusted net income per
share - diluted; and free cash flow. The Company’s management believes
that the presentation of these measures provides useful information to
investors. These measures may assist investors in evaluating the
Company’s operations, period over period. The measures may exclude such
items which may be highly variable, difficult to predict and of a size
that could have substantial impact on the Company’s reported results of
operations for a period. Management uses these and other non-GAAP
measures internally for evaluation of the performance of the business,
including the allocation of resources and the evaluation of results
relative to employee performance compensation targets. Investors should
consider these non-GAAP measures only as a supplement to, not as a
substitute for or as superior to, measures of financial performance
prepared in accordance with GAAP.

Safe Harbor for Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” as defined
under U.S. federal securities laws, including statements about our 2018
outlook. Forward-looking statements may be identified by their use of
terms such as anticipate, believe, confident, could, estimate, expect,
intend, may, plan, predict, project, target, will and other similar
terms. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to materially differ from
those described in the forward- looking statements. Readers are
cautioned not to place undue reliance on the forward-looking statements
contained herein, which speak only as of the date hereof. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future developments
or otherwise, except as may be required by law. Risks and uncertainties
that could cause our actual results to materially differ from those
described in the forward-looking statements are discussed in our filings
with the Securities and Exchange Commission (including those described
in the Risk Factors section in our Annual Reports on Form 10-K and our
Quarterly Reports on Form 10-Q). This press release includes
forward-looking non-GAAP guidance for 2018 Adjusted EBITDA. No
reconciliation of this forward-looking non-GAAP guidance was included in
this press release because, due to the high variability and difficulty
in making accurate forecasts and projections of some of the excluded
information and the fact that some of the excluded information is not
readily ascertainable or accessible, the Company is unable to quantify
certain amounts that would be required to be included in the most
directly comparable GAAP financial measure without unreasonable efforts.

– Tables Follow –

Lantheus Holdings, Inc.

Consolidated Statements of Operations

(in thousands, except per share data – unaudited)

Three Months EndedDecember 31,

Year EndedDecember 31,

2017

2016

2017

2016

Revenues

$

81,241

$

74,350

$

331,378

$

301,853

Cost of goods sold

43,342

39,703

169,243

164,073

Gross profit

37,899

34,647

162,135

137,780

Operating expenses

Sales and marketing

10,423

8,686

42,315

36,542

General and administrative

14,293

9,990

49,842

38,832

Research and development

3,976

3,710

18,125

12,203

Total operating expenses

28,692

22,386

110,282

87,577

Gain (loss) on sales of assets

—

(120

)

—

6,385

Operating income

9,207

12,141

51,853

56,588

Interest expense

4,263

5,819

18,410

26,618

Debt retirement costs

—

481

—

1,896

Loss on extinguishment of debt

281

—

2,442

—

Other (income) expense

(6,601

)

97

(8,638

)

(220

)

Income before income taxes

11,264

5,744

39,639

28,294

Income tax (benefit) provision

(85,862

)

875

(83,746

)

1,532

Net income

$

97,126

$

4,869

$

123,385

$

26,762

Net income per common share:

Basic

$

2.58

$

0.13

$

3.31

$

0.84

Diluted

$

2.47

$

0.13

$

3.17

$

0.82

Weighted-average common shares outstanding:

Basic

37,580

36,173

37,276

32,044

Diluted

39,294

37,853

38,892

32,656

Lantheus Holdings, Inc.

Consolidated Segment Revenues Analysis

(in thousands – unaudited)

Three Months EndedDecember 31,

Year EndedDecember 31,

2017

2016

% Change

2017

2016

% Change

United States

DEFINITY

$

40,546

$

33,180

22.2

%

$

153,581

$

128,677

19.4

%

TechneLite

21,339

21,130

1.0

%

90,489

85,412

5.9

%

Xenon

7,664

7,458

2.8

%

31,373

29,078

7.9

%

Other

1,747

2,965

(41.1

)%

14,559

14,253

2.1

%

Total United States

71,296

64,733

10.1

%

290,002

257,420

12.7

%

International

DEFINITY

1,153

932

23.7

%

3,687

2,935

25.6

%

TechneLite

3,405

3,466

(1.8

)%

14,155

13,805

2.5

%

Xenon

—

2

(100.0

)%

4

8

(50.0

)%

Other

5,387

5,217

3.3

%

23,530

27,685

(15.0

)%

Total International

9,945

9,617

3.4

%

41,376

44,433

(6.9

)%

Worldwide

DEFINITY

41,699

34,112

22.2

%

157,268

131,612

19.5

%

TechneLite

24,744

24,596

0.6

%

104,644

99,217

5.5

%

Xenon

7,664

7,460

2.7

%

31,377

29,086

7.9

%

Other

7,134

8,182

(12.8

)%

38,089

41,938

(9.2

)%

Total Revenues

$

81,241

$

74,350

9.3

%

$

331,378

$

301,853

9.8

%

Lantheus Holdings, Inc.

Supplemental Revenue Information

(unaudited)

December 31, 2017

Quarter to Date Sales Growth/(Decline)

DomesticAsReported

Int’lConstantCurrency

Int’l AsReported

TotalConstantCurrency

Total AsReported

Products

DEFINITY

22.2

%

20.0

%

23.7

%

22.1

%

22.2

%

TechneLite

1.0

%

(5.7

)%

(1.8

)%

—

%

0.6

%

Xenon

2.8

%

(100.0

)%

(100.0

)%

2.7

%

2.7

%

Other

(41.1

)%

2.8

%

3.3

%

(13.1

)%

(12.8

)%

Total Revenues

10.1

%

1.4

%

3.4

%

9.0

%

9.3

%

December 31, 2017

Year to Date Sales Growth/(Decline)

DomesticAsReported

Int’lConstantCurrency

Int’l AsReported

TotalConstantCurrency

Total AsReported

Products

DEFINITY

19.4

%

23.7

%

25.6

%

19.5

%

19.5

%

TechneLite

5.9

%

0.8

%

2.5

%

5.2

%

5.5

%

Xenon

7.9

%

(50.0

)%

(50.0

)%

7.9

%

7.9

%

Other

2.1

%

(14.9

)%

(15.0

)%

(9.1

)%

(9.2

)%

Total Revenues

12.7

%

(7.5

)%

(6.9

)%

9.7

%

9.8

%

Lantheus Holdings, Inc.

Reconciliation of Revenues to Revenues Excluding the Impact of
Foreign Currency

(in thousands – unaudited)

Three Months EndedDecember 31, 2017

Year EndedDecember 31, 2017

InternationalRevenues

TotalRevenues

InternationalRevenues

TotalRevenues

Revenues

$

9,945

$

81,241

$

41,376

$

331,378

Currency impact as compared to prior period

(194

)

(194

)

(274

)

(274

)

Revenues, excluding the impact of foreign currency

$

9,751

$

81,047

$

41,102

$

331,104

Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands – unaudited)

Three Months EndedDecember 31,

Year EndedDecember 31,

2017

2016

2017

2016

Operating income

$

9,207

$

12,141

$

51,853

$

56,588

Campus consolidation costs including depreciation

731

1,181

6,510

1,181

Offering and other costs

(26

)

117

576

117

Non-recurring refinancing related fees

836

—

2,557

—

Loss (gain) on sales of assets

—

120

—

(6,385

)

One-time contract and termination costs

2,210

—

2,210

—

Loss on impairment of land

912

—

912

—

Adjusted operating income

$

13,870

$

13,559

$

64,618

$

51,501

Adjusted operating income, as a percentage of revenues

17.1

%

18.2

%

19.5

%

17.1

%

Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except per share data – unaudited)

Three Months EndedDecember 31,

Year EndedDecember 31,

2017

2016

2017

2016

Net income

$

97,126

$

4,869

$

123,385

$

26,762

Reconciling items impacting operating income:

Campus consolidation costs including depreciation

731

1,181

6,510

1,181

Offering and other costs

(26

)

117

576

117

Non-recurring refinancing related fees

836

—

2,557

—

Loss (gain) on sales of assets

—

120

—

(6,385

)

One-time contract and termination costs

2,210

—

2,210

—

Reconciling items impacting non-operating expenses and income
taxes:

Loss on impairment of land

912

—

912

—

Loss on debt extinguishment and retirement costs

281

481

2,442

1,896

Income tax benefit for release of valuation allowance

(141,094

)

—

(141,094

)

—

Impact of tax rate change on deferred taxes

45,129

—

45,129

—

Income tax effect of non-GAAP adjustments(a)

(1,248

)

—

(3,840

)

—

Adjusted net income

$

4,857

$

6,768

$

38,787

$

23,571

Adjusted net income, as a percentage of revenues

6.0

%

9.1

%

11.7

%

7.8

%

Three Months EndedDecember 31,

Year EndedDecember 31,

2017

2016

2017

2016

Net income per share - diluted

$

2.47

$

0.13

$

3.17

$

0.82

Reconciling items impacting operating income:

Campus consolidation costs including depreciation

0.02

0.04

0.17

0.04

Offering and other costs

—

—

0.01

—

Non-recurring refinancing related fees

0.02

—

0.07

—

Loss (gain) on sales of assets

—

—

—

(0.20

)

One-time contract and termination costs

0.06

—

0.06

—

Reconciling items impacting non-operating expenses and income
taxes:

Loss on impairment of land

0.02

—

0.02

—

Loss on debt extinguishment and retirement costs

0.01

0.01

0.06

0.06

Income tax benefit for release of valuation allowance

(3.60

)

—

(3.62

)

—

Impact of tax rate change on deferred taxes

1.15

—

1.16

—

Tax effect of non-GAAP adjustments(a)

(0.03

)

—

(0.10

)

—

Adjusted net income per share - diluted

$

0.12

$

0.18

$

1.00

$

0.72

Weighted-average common shares outstanding - diluted

39,294

37,853

38,892

32,656

(a) The income tax effect of the adjustments between GAAP net income and
non-GAAP adjusted net income takes into account the tax treatment and
related tax rate that apply to each adjustment in the applicable tax
jurisdiction.

Lantheus Holdings, Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

Certain Line Items and Other Information

(in thousands, except per share data – unaudited)

Three Months Ended

December 31, 2017

December 31, 2016

GAAP

Adjustments

Non-GAAPAdjusted

GAAP

Adjustments

Non-GAAPAdjusted

Cost of goods sold

$

43,342

$

(1,200

)

(a)

$

42,142

$

39,703

$

—

$

39,703

Gross profit

$

37,899

$

1,200

$

39,099

$

34,647

$

—

$

34,647

General and administrative

$

14,293

$

(3,463

)

(b)

$

10,830

$

9,990

$

(117

)

(d)

$

9,873

Research and development

$

3,976

$

—

$

3,976

$

3,710

$

(1,181

)

(e)

$

2,529

Loss on sales of assets

$

—

$

—

$

—

$

(120

)

$

120

$

—

Operating income

$

9,207

$

4,663

$

13,870

$

12,141

$

1,418

$

13,559

Debt retirement costs

$

—

$

—

$

—

$

481

$

(481

)

$

—

Loss on extinguishment of debt

$

281

$

(281

)

$

—

$

—

$

—

$

—

Income before income taxes

$

11,264

$

4,944

$

16,208

$

5,744

$

1,899

$

7,643

Income tax (benefit) provision

$

(85,862

)

$

97,213

(c)

$

11,351

$

875

$

—

$

875

Net income

$

97,126

$

(92,269

)

$

4,857

$

4,869

$

1,899

$

6,768

Net income per common share - diluted

$

2.47

$

0.12

$

0.13

$

0.18

(a) One-time contract and termination costs.

(b) Includes campus consolidation costs (including depreciation expense)
of $0.7 million, one-time contract and termination costs of
$1.0 million, non-recurring refinancing related fees of $0.8 million,
loss on impairment of land of $0.9 million and offering and other costs.

(c) Includes the income tax effect of non-GAAP adjustments and the
income tax benefit due to the release of our valuation allowance of
$141.1 million against our deferred tax assets offset by a provision of
$45.1 million for the remeasurement of our deferred tax assets for the
change in tax rates enacted under the Tax Cuts and Jobs Act of 2017.

(d) Offering and other costs.

(e) Campus consolidation costs (including depreciation expense).

Lantheus Holdings, Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

Certain Line Items and Other Information

(in thousands, except per share data – unaudited)

Twelve Months Ended

December 31, 2017

December 31, 2016

GAAP

Adjustments

Non-GAAPAdjusted

GAAP

Adjustments

Non-GAAPAdjusted

Cost of goods sold

$

169,243

$

(1,200

)

(a)

$

168,043

$

164,073

$

—

$

164,073

Gross profit

$

162,135

$

1,200

$

163,335

$

137,780

$

—

$

137,780

General and administrative

$

49,842

$

(11,565

)

(b)

$

38,277

$

38,832

$

(117

)

(d)

$

38,715

Research and development

$

18,125

$

—

$

18,125

$

12,203

$

(1,181

)

(e)

$

11,022

Gain on sales of assets

$

—

$

—

$

—

$

6,385

$

(6,385

)

$

—

Operating income

$

51,853

$

12,765

$

64,618

$

56,588

$

(5,087

)

$

51,501

Debt retirement costs

$

—

$

—

$

—

$

1,896

$

(1,896

)

$

—

Loss on extinguishment of debt

$

2,442

$

(2,442

)

$

—

$

—

$

—

$

—

Income before income taxes

$

39,639

$

15,207

$

54,846

$

28,294

$

(3,191

)

$

25,103

Income tax (benefit) provision

$

(83,746

)

$

99,805

(c)

$

16,059

$

1,532

$

—

$

1,532

Net income

$

123,385

$

(84,598

)

$

38,787

$

26,762

$

(3,191

)

$

23,571

Net income per common share - diluted

$

3.17

$

1.00

$

0.82

$

0.72

(a) One-time contract and termination costs.

(b) Includes campus consolidation costs (including depreciation expense)
of $6.5 million, non-recurring refinancing related fees of $2.6 million,
one-time contract and termination costs of $1.0 million, loss on
impairment of land of $0.9 million and offering and other costs of
$0.6 million.

(c) Includes the income tax effect of non-GAAP adjustments and the
income tax benefit due to the release of our valuation allowance of
$141.1 million against our deferred tax assets offset by a provision of
$45.1 million for the remeasurement of our deferred tax assets for the
change in tax rates enacted under the Tax Cuts and Jobs Act of 2017.

(d) Offering and other costs.

(e) Campus consolidation costs (including depreciation expense).

Lantheus Holdings, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands – unaudited)

Three Months EndedDecember 31,

Year EndedDecember 31,

2017

2016

2017

2016

Net income

$

97,126

$

4,869

$

123,385

$

26,762

Interest expense, net

4,257

5,816

18,391

26,598

Income tax (benefit) provision(a)

(92,759

)

452

(92,113

)

477

Depreciation

2,419

3,529

12,485

9,915

Amortization of intangible assets

1,794

2,070

6,747

8,348

EBITDA

12,837

16,736

68,895

72,100

Stock and incentive plan compensation

2,034

791

6,769

3,527

Asset write-off (b)

1,246

818

3,430

1,906

Severance and recruiting costs (c)

682

204

1,715

2,090

Offering and other costs (d)

(26

)

117

576

126

Campus consolidation costs

51

—

1,152

—

Debt refinancing costs

836

—

2,557

—

Extinguishment of debt and debt retirement costs

281

481

2,442

1,896

Loss (gain) on sales of assets

—

120

—

(6,385

)

New manufacturer costs (e)

688

578

4,304

3,029

One-time contract and termination costs

2,210

—

2,210

—

Adjusted EBITDA

$

20,839

$

19,845

$

94,050

$

78,289

Adjusted EBITDA, as a percentage of revenues

25.7

%

26.7

%

28.4

%

25.9

%

(a) Represents income tax (benefit) provision, less tax indemnification
income associated with BMS. During the three and twelve months ended
December 31, 2017, this amount includes the release of our valuation
allowance against our deferred tax assets and changes enacted under the
Tax Cuts and Jobs Act of 2017.

(b) Represents non-cash losses incurred associated with the write-down
of land, inventory and other write-offs of long-lived assets. During the
three and twelve months ended December 31, 2017, the amount includes an
impairment of land of $0.9 million.

(c) The amounts consist of severance and recruitment costs related to
employees, executives and directors.

(d) Represents offering costs incurred on behalf of certain shareholders
pursuant to a registration rights agreement and other non-recurring
costs.